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Budget Statement 2017 – Key Transportation and Housing Highlights

November 22, 2017

The Budget statement was delivered today at 12.30pm by the Chancellor of the Exchequer, Philip Hammond.

The key highlights relating to transportation and housing are as follows:

  • Ambitious plan to tackle the housing challenge
  • £44bn of funding to support the housing market over the next five years
  • 5 new garden towns to be built
  • Pledge to build and extra 300,000 homes per year by the mid 2020’s (Biggest rate of house building since 1978)
  • Urgent review into the gap between the number of planning permissions submitted and homes built
  • New £34m fund to develop construction skills across the country
  • With immediate effect, Stamp Duty for first time buyers abolished altogether (for properties up to £300,000) or first £300,000 on properties up to £500,000
  • Pledge of a £1.7bn ‘Transforming Cities’ fund
  • Further £300m to be invested for HS2
  • New railcard for ages 26-30
  • Air passenger duty rates frozen

Please note: This snapshot is not intended as an in-depth analysis of the Chancellor’s speech but we hope this brief summary helps you gain a quick grasp on the key points delivered. For full details you may wish to visit the HM Treasury website.

Filed Under: Our News Tagged With: Budget 2017

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